PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Outokumpu OYJ

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Outokumpu Divesting Part of its Ownership in Talvivaara - Outokumpu has sold all of its shares in Talvivaara Mining Company Plc to Solidium Oy, a holding company wholly-owned by the Finnish State
Outokumpu Divesting Part of its Ownership in Talvivaara

 

NewswireToday - /newswire/ - Espoo, Finland, 2011/06/01 - Outokumpu has sold all of its shares in Talvivaara Mining Company Plc to Solidium Oy, a holding company wholly-owned by the Finnish State. OUT1V

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Additionally, Outokumpu has sold one fifth of its 20 % holding in the unlisted Talvivaara Sotkamo Ltd to Talvivaara Mining Company Plc. Simultaneously Outokumpu granted an option to Talvivaara Mining Company Plc to purchase the remaining 16% in Talvivaara Sotkamo Ltd by the end of the first quarter of 2012. Outokumpu's holding in Talvivaara has been a financial investment and the disposal will improve Outokumpu's financial flexibility.

Outokumpu has sold its entire holding of 10 522 366 shares, representing 4.3% of total shares, in Talvivaara Mining Company Plc, listed both in Helsinki and London, to Solidium Oy. The total consideration of the transaction is EUR 60 million. Outokumpu will record a capital gain of EUR 27 million as financial income in its second quarter 2011 accounts for the transaction. The holding in the Talvivaara Mining Company Plc has been classified as available-for-sale financial assets in Outokumpu's accounts.

In addition, Outokumpu has sold one fifth of its 20 % ownership, representing 4% of the shares, in Talvivaara Sotkamo Ltd to Talvivaara Mining Company Plc. The total consideration of this transaction is EUR 60 million. Simultaneously, Outokumpu granted an option to Talvivaara Mining Company Plc to purchase the remaining 16% ownership in Talvivaara Sotkamo Ltd. The option is valid until the end of the first quarter 2012 and can be executed at the same price per share entirely or partially and in one or several instalments. If fully exercised, it would result in a total consideration of EUR 240 million. Consequently, the total transaction price if divesting the whole 20% holding in Talvivaara Sotkamo Ltd would be EUR 300 million.

Outokumpu's 20% holding in Talvivaara Sotkamo Ltd has been classified in Outokumpu's books as associated companies. After the change in ownership, Outokumpu will no longer have a significant influence in Talvivaara Sotkamo Ltd and thus the remaining 16% holding, will be classified as a financial asset valued at fair value through profit and loss on Outokumpu's financial statements. As a result of the sale of shares in Talvivaara Sotkamo Ltd and the fair-value accounting of the remaining shares, Outokumpu will record a capital gain of EUR 178 million as financial income in its second quarter 2011 accounts.

Following these transactions, Outokumpu will record capital gains as financial income totalling EUR 204 million in its second quarter accounts 2011 with a total cash flow impact of EUR 118 million. The positive impact on Outokumpu's gearing from these transactions is 13 percentage points. The tax impact from these transactions will be marginal and will not result in any current cash payouts.

JP Morgan acted as sole financial advisor to Outokumpu.

For further information:
Mika Seitovirta, CEO, T: +358 9 421 3111
Esa Lager, CFO, T: +358 9 421 2516
Ingela Ulfves, VP - Investor Relations and Financial Communications,
T: +358 9 421 2438, mobile: +358 40 5151 531

About OUTOKUMPU OYJ
Outokumpu (outokumpu.com) is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Outokumpu OYJ

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


Outokumpu Divesting Part of its Ownership in Talvivaara

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

OUTOKUMPU OYJ |
Publisher Contact: Press Office - Outokumpu.com 
+358 9 4211 corporate.info[.]outokumpu.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Outokumpu OYJ securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Outokumpu OYJ / Company Profile


Read Manufacturing/Robotics Most Recent Related Newswires:

LANXESS Pigments Used in Formula E
Voith Builds New XcelLine Board Machine for Bohui Paper Group
Voith Paper Offers Rebuilds of Medium-sized Paper Machines to Increase Production Capacity by up to 15%
SCHOTT to Showcase Highly Lightweighted, Monolithic ZERODUR® Mirror Blanks At SPIE Optics and Photonics 2017
LANXESS Doubles Membrane Production Capacity
MAN Engines Presenting Global Innovations for Agricultural Machinery and Cogeneration
Anti-corrosion Coatings Manufacturers Focus on Low-cost, High-performance Coatings for Asia-Pacific Market Finds Frost & Sullivan
The Navigator Company Selects Voith XcelLine Tissue Machine for Cacia in Portugal
SCHOTT Eternaloc® Electrical Penetrations Answer New Requirements of Innovative Twin High-Temperature Reactors [HTR] in Shidao Bay, China
BASF’s iGloss Clearcoat Offers Higher Gloss and Improved Scratch-resistance on Vehicles
The Voith Paper Webshop Simplifies Ordering of Spare Parts and Provides Comprehensive Documentation Options
BASF Begins Production of Palatinol DOTP Plasticizer At its Pasadena, Texas Facility
ADNOC and Borealis Sign Agreement to Extend and Expand Joint Petrochemical Activities in Ruwais
LANXESS Launches New PBT Compound for Battery Components in Electric Cars
Hexagon Manufacturing Intelligence Releases PC-DMIS 2017 R2

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  MagLar, Inc.

Visit  BizJobs.com





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)